A. If a lot, parcel or unit of a subdivision is subject to a special tax levied pursuant to this Chapter for which a public report is not required pursuant to Article 2 (commencing with Section 11010) of Chapter 1 of Part 2 of Division 4 of the California Business and Professions Code, the subdivider, its agent or representative, shall not sell, or lease for a term exceeding five years, the lot, parcel or unit, or cause it to be sold or leased for a term exceeding five years, until the prospective purchaser or lessee of the lot, parcel, or unit has been furnished with and has signed a written notice as provided in this section. The notice shall contain the heading “NOTICE OF SPECIAL TAX” in type no smaller than 8-point type, and shall state the following in clear and simple language:
1. That the property being purchased is or will be subject to a special tax;
2. The maximum annual amount of the special tax, and the number of years for which it will be levied;
3. The types of facilities or services to be paid for with the proceeds of the special tax.
B. “Subdivision,” as used in subsection A of this section, means improved or unimproved land that is divided or proposed to be divided for the purpose of sale, lease, or financing, whether immediate or future, into two or more lots, parcels, or units for residential use and includes a condominium project, a community apartment project, a stock cooperative, and a limited-equity housing cooperative, as defined in Sections 11004, 11003.2 and 11003.4, respectively, of the California Business and Professions Code.
C. If any disclosure required to be made by this section is delivered after the execution of an agreement to purchase, the buyer shall have three days after delivery in person or five days after delivery by deposit in the mail, to terminate the buyer’s agreement by delivery of written notice of that termination to the owner, subdivider, or agent. Any disclosure delivered after the execution of an agreement to purchase shall contain a statement describing the buyer’s right, method and time to rescind as prescribed by this subsection.
D. The failure of the buyer or lessee to sign the notice shall not invalidate any grant, conveyance, lease or encumbrance.
E. Any person or entity that willfully violates the provisions of this section shall be liable to the purchaser of a lot or unit, which is subject to the provisions of this section, for actual, damages, and in addition thereto, shall be guilty of a public offense punishable by a fine in an amount not to exceed five hundred dollars. In an action to enforce this liability or fine, the prevailing party shall be awarded reasonable attorney’s fees.
SECTION HISTORY
Added by Ord. No. 177,051, Eff. 11-20-05.